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Buying property in any foreign country can be a nightmare and there are many frequently asked questions about buying property in Greece. This list of questions and answers has been compiled to give you a starting pointing and aims to help you with the necessary research that is involved when buying a property in Greece,

What t

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ypes of properties are available to buy in Greece?

There are many different types of properties available to buy in Greece: Cottages, villas, village houses, town houses and apartments. There are old properties to renovate or you can buy a plot of land and design and build a new home. There is usually something for everyone’

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

tastes and budget.

Can I buy a property in the Peloponnese?

Yes, there are no any restrictions for foreigners wishing to buy property in the Peloponnese.

Are foreigners welcome in Greece?

Yes, The Greek people are among the friendliest in Europe. There is now a large number of citizens from all nationalities

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

iving in Greece.

Do I have to have my finance in place before my inspection visit?

It’s advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.

I’ve found the house I wish to purchase in Greece

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

– now what happens?

Choose an English-speaking lawyer. The British Consul's provide lists of recommended lawyers. Tel: 0030 210 369 2333.

You can sign a proxy in order that your lawyer can represent you; obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure there are no problem

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

; and to sign the contract on your behalf. In this way the property can be signed over to you and it’s not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.

All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are forei

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

n exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Leki Bank is connected to the HSBC and accounts may be open in the UK.

The ‘PINK SLIP’ for wire transfers

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

f money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed for income tax.

Do I have to pay a deposit?

Yes, it is normal to pay a deposit of 10 / 20 % of the agreed purchase price. This seals the contac

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

between the seller and buyer.

If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit. However, if previously known problems are revealed the deposit will automatically be return.

How long does the purchase process take?

Property pur

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

hase is generally completed in a short period. It can take as little as 48 hour to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.

Will I have to pay tax on the property that I purchase?

Yes. The custom in Greece is to keep down the declared

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.

What other costs can I expect?

Other costs inc

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ude the following:

Union fees: 1% of the taxable price of the property up to ?44,000 and then 0.5% on the remaining taxable property price.

Lawyer’s fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.

Public Notary fees and registration charge: The Not

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ry Public fee is between 1% and 2% of the assessed property value

To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.

Do I have to pay a fee for finding a property?

Yes, commissio

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

is usually paid by the seller and the buyer in Greece. Fees and are normally 2% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.

If something happens to me will the property automatically go to my next of kin?
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
b>

Yes it will go to next of kin. Death duties are payable on property up to ?100,000. This can be avoided if the property is made a “Parental Gift” to children. If there are no children a will should be made.

Now, enjoy your new home in Greece, you deserve it!

Please Note This information is provided in good faith
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
and believed to be correct at the time of writing. However, its accuracy cannot be guaranteed.

For further information advice and tips about property in Greece follow this link. http://Blog.r-and-c-pms.biz

About Our Company

R & C Property Management Services offer
.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
full range of property services including: real estate, property management, holiday rental accommodation and advertising, holiday home care services for you and your holiday guests. We can assist with building and designing new property, building maintenance and renovations. We can help you find a property and have a selection o
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
houses and investment property located in the Messini, Kalamata, Methoni, Finikounda, Pylos, and surrounding areas of Messinia, Greece. Also we have established associations with other local companies, professionals and tradesmen. http://r-and-c-pms.biz/property.html

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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